Janney Montgomery Nears Deal to Sell Financial-Services Unit

KKR & Co.-owned Janney Montgomery Scott is in advanced talks to offload its division that advises depository institutions as well as its institutional equities business, according to people with knowledge of the matter.

The potential sale to Brean Capital is part of Janney’s plan to exit the capital-markets business and focus on wealth management, said the people, who asked not to be identified because the details aren’t public. The transaction would include a group of investment bankers who advise lenders on mergers, acquisitions and raising capital, as well as those in equity research and equity sales and trading, the people said.